NU Online News Service, May 23, 3:05 p.m. EDT
Tokio Marine Group, based in Japan, will form a new U.S. holding company that will become the new parent for all of the group’s North American entities.
The new company, Tokio Marine North America (TMNA), will be incorporated in Delaware. Jamie Maguire, who is chairman and CEO of Philadelphia Insurance Cos. (PHLY), will become CEO of TMNA. He will retain his roles at PHLY, which is another Tokio Marine company.
TMNA will be established in August, pending regulatory approvals in Japan and the U.S.
Maguire says, “The formation of Tokio Marine North America will allow for organic growth and acquisition opportunities, while creating a unified company to facilitate expansion of Tokio’s international business.”
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